AI拥挤交易遭清算之际，阿克曼转向“高质量现金流”! Visa、万事达领衔Pershing Square六大新仓

智通财经08-13

智通财经APP获悉，亿万富翁兼对冲基金传奇人物比尔·阿克曼创立并亲自掌舵的Pershing Square Inc.(PS.US)在美东时间周三公布了其作为上市公司以来首个完整季度的业绩报告，数据显示其盈利表现超出市场一致预期。此外，该公司还披露近期新建仓了数字支付与银行卡网络巨头Visa(V.US)和万事达(MA.US)这两大金融巨头，以及另外四家仓位低集中度且现金流质量长期以来非常高的公司。财报...

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Visa、万事达领衔Pershing Square六大新仓\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-13 19:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1479538.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，亿万富翁兼对冲基金传奇人物比尔·阿克曼创立并亲自掌舵的Pershing Square Inc.(PS.US)在美东时间周三公布了其作为上市公司以来首个完整季度的业绩报告，数据显示其盈利表现超出市场一致预期。此外，该公司还披露近期新建仓了数字支付与银行卡网络巨头Visa(V.US)和万事达(MA.US)这两大金融巨头，以及另外四家仓位低集中度且现金流质量长期以来非常高的公司。财报...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1479538.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MA","symbol_name":"万事达","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1479538.html","article_id":"2659130233","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/087113bd23140687250473deccedbfef"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2659130233","pubTimestamp":1786621548,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"财报数据显示，阿克曼旗下Pershing Square 第二季度可分配每股收益为0.14美元，高于分析师们平均预期的0.12美元，同时较上年同期的0.12美元有所增长。Visa、万事达卡领衔六大新仓据了解，在业绩会议上，Pershing Square首席执行官比尔·阿克曼与首席投资官Ryan Israel讨论了公司旗下基金自今年年初以来进行的新投资。Pershing Square Inc.股价在美股盘后交易中上涨1.7%，Pershing Square USA股价盘后则小幅上涨0.7%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159399":"现金流","MA":"万事达","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","UYG":"两倍做多金融股ETF-ProShares","TFNS":"T. 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Visa, MasterCard Lead Top Six New Positions in Pershing Square (PS.US)","themeId":"26e7cb4fd57146589085bfc83afb993b","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/3020b7a4acd283105e92f1e6557ae8cf","symbols_score_info":{"159399":1.5,"IYG":0.6,"V":1.5,"MA":1.5,"TFNS":0.6,"ARTY":1.5,"VTHR":1.5,"CHAT":1.5,"STBQ":0.6,"AIPO":1.5,"AGIX":1.5,"VFH":0.6,"LATR":0.6,"SPHQ":1.5,"IXG":0.6,"IPAY":0.6,"UYG":0.6,"FDFF":0.6,"PS":1.5,"QTOC":1.5,"TRUF":0.6,"XLF":0.6,"FNCL":0.6},"content_text":"智通财经APP获悉，亿万富翁兼对冲基金传奇人物比尔·阿克曼创立并亲自掌舵的Pershing Square Inc.(PS.US)在美东时间周三公布了其作为上市公司以来首个完整季度的业绩报告，数据显示其盈利表现超出市场一致预期。此外，该公司还披露近期新建仓了数字支付与银行卡网络巨头Visa(V.US)和万事达(MA.US)这两大金融巨头，以及另外四家仓位低集中度且现金流质量长期以来非常高的公司。财报数据显示，阿克曼旗下Pershing Square 第二季度可分配每股收益(Distributable EPS)为0.14美元，高于分析师们平均预期的0.12美元，同时较上年同期的0.12美元有所增长。该公司第二季度总营收为5420万美元，低于市场一致预期的7580万美元，但高于去年第二季度的5320万美元。管理费收入则由上年同期的5080万美元小幅增至5420万美元。其他的重点业绩数据方面，与资管费用相关联的收入(Fee-related Revenue)同比增长25%至6800万美元。与费用相关的盈利则同比增长24%至5610万美元。利润率则由去年第二季度的82.6%小幅下降至82.4%。第二季度GAAP准则下的总费用支出从上年同期的3300万美元激增至1.443亿美元，其中利润分成合伙人薪酬从845万美元跃升至6930万美元，员工薪酬及福利支出则从393万美元飙升至5030万美元。财报数据显示，在第二季度内，Pershing Square旗下的资产管理总规模(AUM)从266亿美元增长至325亿美元，其中包括56.3亿美元资金流入、由市场价值变动带来的8.29亿美元增长，以及5.73亿美元资金流出。阿克曼最新投资版图曝光!Visa、万事达卡领衔六大新仓据了解，在业绩会议上，Pershing Square首席执行官比尔·阿克曼(Bill Ackman)与首席投资官Ryan Israel讨论了公司旗下基金自今年年初以来进行的新投资。其中包括银行卡网络巨头Visa(V.US)和万事达卡(MA.US)、流媒体巨头奈飞(NFLX.US)、市场分析及信用评级公司标普全球(S&P Global，SPGI.US)、交易所运营商洲际交易所(Intercontinental Exchange，ICE.US)，以及聚焦于眼科治疗的医疗巨头Alcon(ALC.US)。Ackman和Israel表示：“将这些新的股票投资仓位与我们现有持仓结合来看——其中重点包括微软(MSFT.US)、亚马逊(AMZN.US)、Meta(META.US)、优步(UBER.US)、Brookfield(BN)和Restaurant Brands(QSR.US)等占据某个细分市场主导地位且快速增长的公司——我们认为，当前投资组合无论从企业基本面质量还是未来盈利增长前景来看都极具吸引力，因此已经处于有利位置，有望在未来实现强劲回报。”Pershing Square Inc.(PS)股价在美股盘后交易中上涨1.7%，Pershing Square USA(PSUS)股价盘后则小幅上涨0.7%。Pershing估算当前核心组合平均约19倍市盈率，却对应未来3—5年约20%的EPS CAGR，相比标普500约20倍估值、12%的EPS CAGR形成更有利的“增长/估值比”。在阿克曼看来，AI算力长期产业趋势依然成立，但是在AI算力主题股票经历去杠杆浪潮以及拥挤仓位出清的当下时间点，下一阶段超额收益可能来自低动量、低资本依赖、高现金流、高ROIC且仍能在一定程度上借力AI提升增长的优质复利资产，这正是Visa、Mastercard乃至ICE、S&P Global被阿克曼纳入组合最值得市场重视的信号。Pershing Square Inc本质上是阿克曼的“资产管理公司/管理平台”——旗下拥有投资管理人Pershing Square Capital Management，Pershing Square(PS.US)股东主要分享管理费、利润分成以及整个资管业务未来AUM扩张带来的经济利益;而Pershing Square USA(PSUS.US)则是一只由该管理平台管理的美国上市封闭式投资基金，投资者选择买入PSUS，本质上是直接买入阿克曼所管理的股票投资组合及其净资产价值(NAV)表现。最简单来说，投资者们如果选择买入Pershing Square(PS.US)=“买入并且坚定看好阿克曼旗下的整个资管生意”，买入Pershing Square USA(PSUS.US)=“把钱间接交给阿克曼投资或者说是在二级市场上买入他的上市交易基金组合”，两者虽然在2026年联合IPO，但此后在纽交所独立交易。AI拥挤交易逐渐退潮之际，阿克曼从高Beta转向高现金流复利资产阿克曼的最新仓位与投资布局，凸显出他的投资重点开始转向高现金流复利资产，也就是从杠杆仓位达到历史极端水平的AI算力主题以及仓位拥挤度极高的高Beta动量交易向“高质量现金流复利+估值错位阿尔法”加速扩散。2026年上半年标普500上涨约10%，但半导体和科技硬件两个“AI卖铲子”板块贡献了指数约85%的涨幅，而超过90%的标普成分股合计贡献不到2%，此后7月初的美银基金经理调查显示，高达82%的受访者把半导体视为市场最拥挤且杠杆仓位最集中的交易主题，SOX指数(费城半导体指数)随后从6月高点一度回撤逾20%。个股杠杆ETF、短期限期权和融资仓位又全面放大了去杠杆冲击，正是在这种极端市场宽度(Market Breadth)失衡下，Ackman表示Pershing得以趁波动部署近50亿美元新资本——其本质不是Risk-off(抛售高Beta与高拥挤度的风险资产)逃往防御，而是从已经被动量资金充分定价且杠杆仓位极端的AI算力基础设施，寻找基本面强劲但价格尚未反映长期现金流价值的“非拥挤优质资产”。Visa、Mastercard、S&P Global和ICE尤其清楚地体现了这种“以错位价/崩盘价买到基本面高质量股票”的投资框架，不过阿克曼的策略更像是2026年市场风格由“单一AI算力+动量策略”向“现金流充裕+仓位低集中度+基本面高质量Alpha宽度扩张”的缩影，而不是对围绕AI的超级牛市行情的否定。阿克曼仍在重仓微软、亚马逊和Meta，并明确认为微软AI资本开支是合理的增长型投资、Meta也是最清晰的AI受益者之一;新加入的奈飞、Visa、Mastercard、S&P Global、ICE和Alcon，则把组合的盈利来源从单一动量与AI Beta扩展到支付、大型金融巨头与交易基础设施、流媒体和医疗保健。Visa与Mastercard本质是资本极轻的全球支付“收费站”：不承担显著信用风险，边际交易成本极低，现金流转换率超过100%;Pershing预计二者营收长期保持两位数增长、EPS分别具备约16%和18%的3—5年复合增长潜力，而此前市场因稳定币浪潮、AI智能体商业模式(Agentic Commerce)和监管担忧将估值压缩至约22倍未来12个月盈利，正好提供了进入窗口。S&P Global和ICE则更加接近“金融基础设施(Financial Infrastructure)”——评级、指数、定价、数据、交易与清算具有高进入壁垒、经常性收入和强网络效应;ICE甚至是在股价此前一年跌约21%、估值从25倍压缩至约17倍后被买入。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2659130233","isCrawlerRequest":true}